Who says economists can’t be funny. Robert Reich writes in Obama Should Call For Glass Steagall And A Breakup Of Big Banks
Next week President Obama travels to Wall Street where he’ll demand – in light of the Street’s continuing antics since the bailout, as well as its role in watering-down the Volcker rule – that the Glass-Steagall Act be resurrected and big banks be broken up.
I’m kidding. But it would be a smart move — politically and economically.
Politically smart because Mitt Romney is almost sure to be the Republican nominee, and Romney is the poster child for the pump-and-dump mentality that’s infected the financial industry and continues to jeopardize the American economy.
Romney was CEO of Bain & Company – a private-equity fund that bought up companies, fired employees to save money and boost performance, and then resold the firms at a nice markups.
Romney also epitomizes the pump-and-dump culture of America’s super rich.
Reich also mentions a trick that Bank of America is trying to pull on the government and ultimately taxpayers,
If you want more evidence, consider the fancy footwork by Bank of America in recent days. Hit by a credit downgrade last month, BofA just moved its riskiest derivatives from its Merrill Lynch unit to a retail subsidiary flush with insured deposits. That unit has a higher credit rating because the Federal Deposit Insurance Corporation (that is, you and me and other taxpayers) are backing the deposits. Result: BofA improves its bottom line at the expense of American taxpayers.
Wasn’t this supposed to be illegal? Keeping risky assets away from insured deposits had been a key principle of U.S. regulation for decades before the repeal of Glass-Steagall.
The pigmented cells called melanocytes aren’t just for making freckles and tans. Melanocytes absorb ultraviolet light, protecting the skin from the harmful effects of the sun. They also are the cells that go haywire in melanoma, as well as in more common conditions as vitiligo and albinism.
[ ]…Naturally, researchers would love to study melanocytes in the laboratory. There’s just one problem — melanocytes from adult skin don’t grow very well in the lab. Now, researchers at the Perelman School of Medicine at the University of Pennsylvania have found a way to create melanocytes from mouse tail cells using embryonic stem cell-like intermediates called inducible pluripotent (iPS) cells.
This research holds promise for treating from tissue transplantation to the discovery of new cancer drugs. It seems to be in the very basic stages. Possible treatment therapies are some ways off in the future. Unlike virus delivered genetic cargo piggyBac treatments like this might be able to treatment without permanently altering the host genome.
Dr. Freda Bush has a warm, motherly smile. In her office just outside Jackson, Miss., she smiles as she hands me a brochure that calls abortion the genocide of African-Americans, and again, sweetly, as she explains why an abortion ban should not include exceptions for rape or incest victims. The smile turns into a chuckle as she recounts what the daughter of one rape victim told her: “My momma says I’m a blessing. Now, she still don’t care for the guy who raped her! But she’s glad she let me live.”
This sounds like the new folksy version of the rape joke about might as well lay back and enjoy…we can now add …..and by the way enjoy being an incubator for rapists and pedophiles. Dr. Bush has bought into the old plantation philosophy that men should be in control of women’s bodies, all of society ruled by our superiors.. Even the sales pitch is similar, using Jesus as a front man for the worse kind of tyranny.
But Initiative 26, which would change the definition of “person” in the Mississippi state Constitution to “include every human being from the moment of fertilization, cloning or the equivalent thereof,” is more than just an absolute ban on abortion and a barely veiled shot at Roe v. Wade — although it is both. By its own logic, the initiative would almost certainly ban common forms of birth control like the IUD and the morning-after pill, call into question the legality of the common birth-control pill, and even open the door to investigating women who have suffered miscarriages.
Welcome to the women’s rights way back machine. American women should do the moral thing and turn over all rights over their person to the state and federal government. They’ll still let you vote, but they might take away your shoes so you don’t wander too far.
BREAKING: The Oakland Police Pretend America is Iraq circa 2003 and Use Rubber Bullets, Flash Grenades, And Smoke Bombs To Evict Occupy Oakland. When it comes time for the OPD to renegotiate their union contract I hope all their supporters are not in jail or hold a grudge. Update: Occupy Oakland: Iraq war veteran in critical condition after police clashes – Scott Olsen, 24, in hospital with fractured skull and brain swelling after allegedly being hit by a police projectile in Oakland
The Verve – Bitter Sweet Symphony
In the book, the authors show how the total amount of knowledge embedded in a country’s economy can be measured by a factor they call “economic complexity.” From this perspective, the more diverse and specialized jobs a country’s citizens have, the greater the country’s ability to produce complex products that few other countries can produce, making the country more prosperous.
Sounds like a good argument for at least some post secondary education. Sophistication has been lumped in with being a snub or part of the elite. An unfortunate melding of qualities that are quite different. Sophistication can be something like understanding how to build a motorcycle engine or the motivations for creating art, or writing a new software program. Sophistication creates demand for a complex economy that meets the needs of an intellectually curious population.
Based on this analysis, the top three countries with the highest expected growth were China, India, and Thailand. The US was 91st. As the researchers explained, complex economies tend to have few remaining opportunities because they already produce many complex products. Meanwhile, countries with an intermediate level of complexity differ largely in their potential for expanding to make more complex products.
This sounds as though most of the potential for demand of U.S. is our only hope of keeping up with the international Joneses. We still export a lot – especially processed chemicals and farm equipment. Our major export is science and technical expertise. That does not bode well for the blue-collar lower middle-class jobs that formed the backbone of the U.S. economy.
Zoe.LeelA – Destroy She Says (Original Mix) – Lounge, Nu-Jazz